Center for $41.6 Million: AmReit Contracts to Buy Woodlake

In Houston, AmREIT, a Houston-based retail REIT, has contracted to buy the Woodlake Square Shopping Center at 9600 Westheimer Road for $41.6 million.

The 161,000-sf center is 88 percent leased with Randall’s grocery, Walgreens and Jos. A Banks as key tenants. The seller is VIF II/AmREIT Woodlake, LP, a Texas limited partnership.

Located near the corner of Westheimer and S. Gessner Road, average household incomes within a one-mile radius of Woodlake Square are $72,183, and there are 83,551 households within a three-mile radius of the property. The purchase is slated to close in the third quarter of 2013.